XML 25 R13.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Homebuilding Senior Notes and Other Debts Payable
 6 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Homebuilding Senior Notes and Other Debts Payable Homebuilding Senior Notes and Other Debt Payable
(Dollars in thousands)May 31, 2024November 30, 2023
4.75% senior notes due 2025
$499,558 499,336 
5.25% senior notes due 2026
402,432 403,040 
5.00% senior notes due 2027
351,165 351,357 
4.75% senior notes due 2027 (1)
697,976 797,347 
4.50% senior notes due 2024
— 453,682 
Mortgage notes on land and other debt290,376 311,720 
$2,241,507 2,816,482 
(1)During both the three and six months ended May 31, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases.
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $3.0 million and $4.2 million as of May 31, 2024 and November 30, 2023, respectively.
In April 2024, the Company redeemed $454 million aggregate principal amount of its 4.50% senior notes due April 2024. The redemption price, which was paid in cash, was 100% of the principal amount outstanding.
In April 2024, $350 million of the Company's unsecured revolving credit facility matured.
The maximum available borrowings on the Company's unsecured revolving credit facility (the “Credit Facility”) were as follows:
(In thousands)May 31, 2024
Commitments - maturing in May 2027$2,225,000 
Accordion feature425,000 
Total maximum borrowings capacity$2,650,000 
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The Credit Facility also provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.
The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)May 31, 2024November 30, 2023
Performance letters of credit$1,485,725 1,404,541 
Financial letters of credit533,522 417,976 
Surety bonds4,876,796 4,508,428 
Anticipated future costs primarily for site improvements related to performance surety bonds2,829,965 2,499,680 
All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023.